The latest English housing survey, released on 21 July 2016, shows that the number of people owning their own home has stopped reducing for the first time since 2003 with 14 million owner occupiers across the country last year.
These figures come a week after other data showed that lending for first-time buyers is higher than that for home movers for the first time in 20 years, with first-time buyers’ mortgages up 33%.
The report shows:
- 80% of households who applied were given a mortgage
- an increase in satisfaction for private renters over the last 10 years
- a large decline in the number of private renters living in non-decent homes
Since 2010 to 2011 the majority of households whose mortgage applications were approved increased to 80% in 2014 to 2015, compared to 64% in 2010 to 2011.
The survey shows that the reinvigorated and extended flagship Right to Buy scheme has boosted the aspiration of social housing tenants, with those expecting to buy their current home continuing to rise from 20% in 2012 to 24% in 2014 to 2015. More than 52,500 people have purchased their home through Right to Buy since the scheme was reinvigorated in 2012 – over 1,000 households a month.
There are now more than 309,000 who have been helped to purchase a home through government backed schemes – which equates to 141 new homeowners a day.
Help to Buy schemes continue to benefit first time buyers overwhelmingly, with 118,000 households having bought their first home thanks to the scheme and are 80% of the overall Help to Buy buyers.
If you are a first time buyer, home mover or are looking for a remortgage then please give us a call.
Your home may be repossessed if you do not keep up repayments on your mortgage
Contains public sector information licensed under the Open Government Licence v3.0.